Date: Thursday, 15 May 2025

Episode Summary:

This week’s episode comes to you fresh from a packed week of company meetings, investor discussions, and on-site visits across Asia, capped off by an excellent Macquarie-hosted conference. Leonid reflects on what he saw and heard, and how it informs the evolving Panda Portfolio positioning.

Key Takeaways:

* 🏢 On the Ground in Asia:

A long but rewarding week attending site visits and investor meetings across the region. Don’t miss our latest Property Management deep-dive published this Monday for a detailed write-up of the sector.

* 🇨🇳 China: Automation and Consumption Themes on Display:

Two core theses came alive during the trip:

* Robotics & Automation are “humming along” with visible signs of industrial intensity.

* Consumption is gaining momentum, underpinned by impressive and well-run consumer-facing businesses. A reminder to revisit the retail/restaurant chain thesis in more detail soon.

* 📈 CATL Hong Kong IPO:

The $5bn listing was over 30x oversubscribed — a clear sign of investor appetite. Expect a shift into CATL in the Panda Portfolio this Friday.

* 🇮🇩 Indonesia: Quietly Compelling:

The country continues to present interesting opportunities and warrants a dedicated write-up, likely in June.

* 🇮🇳 India Panel Takeaways:

Despite attending a thoughtful panel on India, the valuation concerns remain front and center. The growth story is appealing, but we’re holding off for now.

* 🏅 Conference Shout-Out:

Big thanks to Macquarie for hosting — fantastic venue, high-quality access to corporates, and great conversations throughout.

📌 Mentioned Content:

* China Property Management Sector Deep Dive – May 2025 (link to the Substack article)

Hope you enjoy it,

Leonid

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